Aéroports de Paris owns and operates Paris’ three commercial airports (Charles de Gaulle, Orly, and Paris-Le Bourget). It was privatized in 2005 and listed in 2006, with the French state retaining a 50.6% stake and 58.6% of voting rights.
ADP boasts a sector-leading retail platform, combining premium traffic, high spending per passenger, and proven commercial execution at its Parisian airports.
Bears
The regulators' hostility to ADP is a constant threat to its model. It rejected tariff increases in 2024 and 2025 despite the regulated aviation segment underearning its cost of capital.
Aéroports de Paris owns and operates Paris’ commercial airports, Charles de Gaulle, Orly, and Paris-Le Bourget, and has equity holdings in TAV Airports and GMR Airports. The Parisian airports operate under a hybrid-till regime, but there is no cross-subsidy, which leaves their commercial businesses largely unregulated. The Parisian business is split between regulated aviation activities, retail and services businesses, and real estate activities. In 2025, retail and services contributed 56% of the group’s operating profit, despite generating only 32% of the group’s sales. It has a relatively high contribution from its international segment among our European airport coverage, with 28% of group EBITDA deriving from overseas operations in 2025.